10 June 2020
Every generation has thought they are more resilient than the last.
For a long time, baby boomers and generation X have bemoaned the idea that millennials and the generations that follow them just do not know how good they have it with their avocado toast and Netflix subscriptions.
Of course, millennials have countered that argument saying that while more luxuries are available to them, the prospect of home ownership is unattainable for the vast majority.
Added to this, the cost of living has skyrocketed with little in the way of wage inflation.
And the younger cohort following them do not look like they will fair much better.
Millennials have said that while more luxuries are available to them, the prospect of home ownership is unattainable for the vast majority
Unfortunately, the prognosis is set to get worse.
The Institute for Fiscal Studies has found younger workers, particularly those under 25, are going to be financially worse off during this pandemic, so although they are more protected from the virus itself, their ingenuity and financial resilience is truly going to be tested.
I believe the young are unlikely to rest on their laurels; however, they may need some help. Their tech savviness lends itself well to the new educational world we find ourselves in, where virtual classrooms are becoming the norm and sadly, during this period, simply a necessity.
These classrooms use software that enables students to learn from their trainers and each other, as well as provide examination boards a way of fairly testing these budding financial advisers.
This way of learning is nothing new, but it has meant that during the pandemic, learning can continue in full force.
It is therefore up to advisers to spread the word about this profession and let this generation know how valuable it can be for both themselves and their clients.
It is crucial we take advantage of this opportunity to bring a whole new wave of financial advisers into the profession, not just because it benefits them but because it benefits the whole of the UK.
We need to bolster our ranks with fresh talent, and this newly found abundance of time could be perfect to take the first steps towards a lifelong profession.
Everyone in this industry should make sure we nurture the younger generation’s innate technological skills, ability to learn and desire to take advantage of opportunities. If we do, we can move out of this crisis, stronger than before.
Scott Stevens is director of recruitment and acquisitions for Quilter Financial Planning.
This column first appeared on FT Adviser 10th June 2020.
Notes to Editors:
About Quilter plc:
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.
The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.
Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.
The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.
Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows:
- Quilter Financial Planning (previously Intrinsic)
- Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
- Quilter Financial Advisers (previously Charles Derby Group)
- Quilter Financial Adviser School
- Quilter Cheviot
- Quilter Investors
- Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
- Quilter International (previously Old Mutual International)
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Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270. Registered in England.